Six-month convertibles convert to common stock at variable price
By Devika Patel
Knoxville, Tenn., June 18 – Drinks Americas Holdings, Ltd. settled a private placement of $50,000 of 8% convertible promissory notes on June 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature on Dec. 12, 2014. They are convertible into common shares at a conversion price equal to the greater of the par value of the stock, $0.001, or 35% of the lowest trading price of the stock for the two years preceding settlement.
Drinks America is a beverage developer based in Los Angeles.
| Issuer: | Drinks Americas Holdings, Ltd.
|
| Issue: | Convertible promissory notes
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| Amount: | $50,000
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| Maturity: | Dec. 12, 2014
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| Coupon: | 8%
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| Conversion price: | The greater of the par value of the stock or 35% of the lowest trading price of the stock for the two years preceding settlement
|
| Warrants: | No
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| Settlement date: | June 12
|
| Stock symbol: | OTCBB: DKAM
|
| Stock price: | $0.004 at close June 11
|
| Market capitalization: | $82,560
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